Always nice to read stories like this about Health Savings Accounts. As the balances on these accounts grow they become harder and harder to discount. In the first part of this year they’ve grown by nearly 20 percent.
According to Canopy Financial’s Health Savings Account Market Report for the second quarter of 2008, individual and family HSA balances both grew by nearly 20 percent over the last three months.
According to Canopy, as of the end of Q2 ‘08, the average individual HSA balance was $969 and the average family HSA balance was $1,663. As intended by designers of the HSA concept, both younger and older consumers seem to be using their HSAs as long-term investments: individual accounts saw triple as much inflow as outflow, and family accounts showed double the inflow for the outflow.
I tell everyone I know with an HDHP to open their HSA for just this reason. It works as a forced savings account. If you’re healthy with no major problems you can save a lot of money without spending a lot. Three times as much apparently.
Tags: Canopy
